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BSP Introduces Electronic Innovation in Foreign Loan Approvals

04.04.2012

BSP introduces electronic innovation in foreign loan approvals

Bangko Sentral ng Pilipinas Governor Amando Tetangco, Jr. (center), together with (from left) Banco De Oro Senior VP & Transaction Banking Group Head Emmanuel Narciso, Philippine National Bank President & CEO Carlos Pedrosa, Land Bank of the Philippines President & CEO Gilda Pico, and Bank of the Philippine Islands Senior EVP & Chief Operating Officer Gil Buenaventura, led the launching ceremony and signing of the memorandum of agreement of the Foreign Loan Approval and Registration System (FLAReS). The web-based system allows clients to submit applications for approval and registration of foreign loans; monitor the status of their requests and communicate with the BSP via a secure online portal. Payment of processing fees may also be settled through the network of participating banks. The system, which was initiated by the International Operations Department under the International Sub-sector, the Information Technology Sub-Sector, the Payments and Settlements Office and the Financial Accounting Department, is part of the BSP’s continuing efforts to improve operational efficiency, increase transparency, and provide clients greater convenience in transacting with the BSP.

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